top of page
  • Braya Renewable Fuels

Braya lands $300 million investment for refinery-conversion project in Atlantic Canada

Photo: Braya Renewable Fuels

Braya Renewable Fuels announced April 20 a USD$300 million preferred-equity investment from Energy Capital Partners, a leading energy transition-focused investor in the electricity, clean-energy, renewable and sustainable-infrastructure sectors.

The investment from ECP completes the financing for the conversion of Braya’s Come By Chance refinery in Newfoundland and Labrador, Canada, to biobased diesel operations, which processes and refines renewable feedstocks for biofuel production, and builds on Braya’s recent agreement with ABO Wind for the joint development of green-hydrogen production at the facility.

The proposed multiphased ABO Wind project will provide hydrogen for Braya’s needs as well as green ammonia for global export.

Combined, these fuels—renewable diesel, sustainable aviation fuel (SAF), hydrogen and ammonia—will provide alternatives to fossil fuels and reduce the emissions associated with hard-to-abate sectors such as heavy transport, aviation and heavy industry.

Once operational, the project will initially supply 756,000 gallons per day of low-carbon renewable fuel with expansion plans to increase capacity and enhance SAF production.

ECP joins Braya’s current owners, Cresta Fund Management and North Atlantic Refining Corp., which is managed by Silverpeak.

Dallas-based Cresta has been Braya’s majority owner and controlling investor since 2021.

NARC/Silverpeak, in addition to owning a minority stake in Braya, also owns and controls NARL Marketing, ensuring the continued supply of fuel to Newfoundland and Labrador as well as surrounding areas.

“We are excited to join forces with ECP to drive innovation, scale production and create long-term value for our investors and stakeholders,” said Frank Almaraz, CEO of Braya. “This investment is a testament to the Braya team—in particular those on the ground in Newfoundland and Labrador—who have been working over the last 18 months to convert the Braya refinery to renewable fuel operations. This is an exciting time for Braya as it moves closer to completing the first phase of its multistage growth plans and commencing the production and sale of renewable fuel later this year.”

Chris Rozzell, Cresta’s managing partner, added, “We welcome ECP, a seasoned investor in the energy-transition sector, to the Braya team. This investment is a major step in positioning Braya to become one of the largest independently owned renewable fuel producers in the world.”

Rahman D’Argenio, a partner at ECP and a member of its investment committee, said, “We are pleased to partner with Braya and its existing owners and expand our exposure to renewable fuel infrastructure. Our investment in Braya is not only a reflection of our commitment to funding infrastructure crucial to the energy transition, but also of our conviction in the company’s strong management team, unique location and experienced operations staff. We look forward to supporting Braya as they capitalize on the significant long-term growth opportunities in the renewable fuels sector that will be required to decarbonize heavy transport, industry and aviation.”

Lazard acted as Braya’s financial advisor in the transaction, and Kirkland & Ellis LLP, Norton Rose Fulbright Canada LLP, McInnes Cooper and Sidley Austin LLP represented Braya.

Latham & Watkins and Blake, Cassels & Graydon LLP represented ECP.


Frazier, Barnes & Associates LLC
Agriculture for Energy to Grow Hawaii's Economy
Inflectis Digital Marketing
Clean Fuels Alliance America
Plasma Blue
WWS Trading
Sealless canned motor pump technology
HERO BX: Fuel For Humanity
R.W. Heiden Associates LLC
CPM | Crown Global Companies
Clean Fuels Conference - Fort Worth, TX - Feb. 5-8, 2024
Engine Technology Forum
Biobased Academy
Michigan Advanced Biofuels Coalition
Missouri Soybeans
Ocean Park
Soy Innovation Challenge
Myande Group
bottom of page